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Global precision farming market share, over the recent years, has been witnessing meteoric rise owing to the laudable initiatives undertaken by regional governments to combat declining agricultural productivity. The farming sector has perpetually been marred with several challenges including a marked increase in the cost of production, restricted employment opportunities, fr7agmented land holdings, degrading and diminishing natural resources, etc. Moreover, the rapid pace of urbanization and the burgeoning population has further aggravated and contributed toward further deterioration of the farming sector which already is in shambles.
In order to tackle these massive impediments, the farming community across the world is now gradually incorporating numerous advanced precision tools in their farmlands to accomplish various objectives such as greater sustainability, realize higher financial benefits, and to lower environmental harm. Apparently, as a consequence of the aforementioned aspects, the overall precision farming industry size is bound to record commendable growth in the forthcoming years. In fact, as per the statistics noted in the recent study conducted by Global Market Insights, Inc., the precision farming market is estimated to register a striking y-o-y growth rate of close to 14 percent over 2017-2024.
Precision Farming Industry Overview

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Precision agriculture is an IT based farm management system that detects, analyzes, and manages temporal and spatial feasibility within the field for maximizing the profitability and productivity, sustainability and protection of resources by reducing the cost of production. It is a modern approach where the field data is used to increase the average crop yield. As the demand of the agriculture product is increasing very rapidly, conventional farming methods are unsuitable to meet these growing requirements. Therefore, to address these challenges of the traditional farming methods, the concept of the precision farming is introduced to increase the crop yield reduce the production cost.
Precision Farming Industry Background

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Browse Full Market Research Report Of Precision Farming Market @ http://bit.ly/2Gp6Icy
Request for a Sample of this Research report @ https://www.gminsights.com/request-sample/detail/227

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U.S. Precision Farming Market Size, By Component, 2016 & 2024 ($Mn)

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Industry Coverage

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Despite management of data being one of the major hindrances to the growth of this business space, the application matrix of the precision farming market has encompassed weather monitoring, financial management, field monitoring, waste management, yield monitoring, irrigation management. As the application scope of precision tools increases in the ensuing years, the precision farming market is projected to observe an exponential growth rate, with a target revenue estimation in excess of USD 10 billion by 2024.
Weather monitoring applications will dominate the precision farming market during the forecast timeline as they provide key information related to important weather parameters such as moisture levels, relative humidity levels, rainfall and wind directions. Unlike other industries, farm production is most affected by weather conditions and hence, the adoption of these solutions for effective weather monitoring will witness consistent growth over the forecast period.
Precision Farming Industry By Applications

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The high precision positioning system market is projected to hold a significant share of the precision agriculture market between 2017 and 2024 as GPS systems serve as the backbone for these operations. Due to the effective capabilities to collect accurate location and positioning information, the technology facilitates timely management of precision farming functions for enhancing overall yield productivity. On the other hand, remote sensing applications will witness accelerated adoption over the forecast period due to consistent technological advancements in sensor technology and new product development initiatives by the market players.
Precision Farming Industry By Technology

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US to hold authority over the regional precision farming market share expansion
Speaking of the prospective growth of the precision farming industry, US is likely to emerge as the strongest contender due to its swift adoption of progressive technologies in the farming sector. The well-developed infrastructure and presence of supportive government policies would further assist in rapid product penetration in the nation. For instance, one of the chief federal agencies of US Department of Agriculture, the National Institute of Food and Agriculture (NIFA), has unveiled a precision, geospatial, and sensor technology program to deliver decision tools that would enhance management capabilities of enterprises partaking in precision farming industry.
The program would reportedly address problems such as narrow profit margins and rising global competition in the farming sector. Furthermore, the initiative intends to judiciously monitor, measure, and micromanage the existing resources to accentuate efficiency and increase farm incomes of the producers, processors, and the overall farming community. Therefore, it is quite undeniable that the remedial measures undertaken by the government would revive the fortunes of the US precision farming market in the forthcoming years.
Precision Farming Industry By Region

Summary: Precision agriculture is an IT based farm management system that detects, analyzes, and manages temporal and spatial feasibility within the field for maximizing the profitability and productivity, sustainability and protection of resources by reducing the cost of production. It is a modern approach where the field data is used to increase the average crop yield. As the demand of the agriculture product is increasing very rapidly, conventional farming methods are unsuitable to meet these growing requirements. Therefore, to address these challenges of the traditional farming methods, the concept of the precision farming is introduced to increase the crop yield reduce the production cost.